Section 48

For purposes of section 46 except as provided in paragraphs 1 b 2 b and 3 b of subsection c the energy credit for any taxable year is the energy percentage of the basis of each energy property placed in service during such taxable year.

Section 48. This paragraph shall not apply to periods after december 31 2008 under rules similar to the rules of section 48 m as in effect on the day before the date of the enactment of the revenue reconciliation act of 1990. The energy investment tax credit itc under section 48 of the internal revenue code has been an important incentive that has largely funded the growth of the solar industry and certain other types of renewable energy. Section 48 qualified progress expenditures sections 48a b 3 and 48b b 3 provide that rules similar to the rules of former 46 c 4 and d to claim the investment credit on qualified progress expenditures made by a taxpayer during the taxable year for the construction of progress expenditure property as defined in former 46 d 2 apply for purposes of these sections.